Landmark Properties and Blackstone Real Estate Income Trust announce $ 784 million joint venture to recapitalize and acquire 5416-bed Class A student housing portfolio

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Investment Demonstrates Confidence in Student Residential Classroom

ATHENS, Georgia and NEW YORK, 20 August 2021 / PRNewswire / – Landmark Properties, a vertically integrated student housing developer and owner-operator, has entered into a joint venture with Blackstone Real Estate Income Trust, Inc. (“BREIT”) to recapitalize eight student housing assets with 5,416 beds. across the USA. Through this deal, Landmark’s portfolio includes 79 student residences.

“We are delighted to be forming this partnership with Blackstone, one of the world’s leading private equity firms,” said President and CEO of Landmark Properties. Wes Rogers… “We have an excellent relationship with the Blackstone team and look forward to completing additional transactions together.

“We have long believed that student housing in leading markets offers attractive investment opportunities, especially if well located, designed with the type of high quality amenities students expect, and managed according to institutional standards. Blackstone’s continued investment in this space further confirms its strength in this sector. “

Jacob WernerThe Senior Managing Director of Blackstone Real Estate said: “We are delighted to partner with Landmark, one of the leading student housing developers in the US, to acquire this portfolio of well-located assets concentrated in leading US universities with a growing student enrollment. Student housing has a history of sustainability, generating strong cash flows, and this deal is in line with BREIT’s strategy to acquire high quality, income-generating properties with attractive long-term growth potential. We look forward to expanding our presence in this asset class and together on future deals. “

TSB Capital Advisors has acted as financial advisor to both Landmark Properties and BREIT.

About Landmark Properties
Ranked as the most active student housing developer and leading student housing contractor in the country, Landmark Properties is a vertically integrated developer and owner-operator with over 1,000 employees and $ 7.7 billion assets under management. Landmark’s current portfolio includes over 75 student homes nationwide and over 50,600 beds, including over $ 3.5 billion in assets under construction. For more information visit www.landmarkproperties.com

About Blackstone Real Estate Income Trust
Blackstone Real Estate Income Trust, Inc. (BREIT) is an institutional-grade perpetual investment platform that provides private real estate to income-driven investors. BREIT invests primarily in stable, income-generating US commercial real estate across key property types and, to a lesser extent, in debt real estate investments. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a world leader in real estate investment. Blackstone’s real estate business was founded in 1991 and has approximately $ 208 billion in the capital of the investor under management. Additional information is available on the website www.breit.com

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SOURCE Landmark Properties

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